PRC expiry
A PRC is active for a limited time. It expires 3 years from the beginning of the compliance period when capacity is first made available.
For example, take a PRC that relates to capacity made available in the 2023–24 compliance period. That compliance period begins on 1 November 2023, so the PRC will expire 3 years later on 31 October 2026.
If a certificate isn’t used within the 3 years it expires.
An expired certificate can still be surrendered if it was active during the relevant compliance period. For example, a scheme participant could surrender an expired 2023 vintage PRC against their liability for the 2024-25 PDRS compliance period.
An expired certificate can’t be traded, forfeited or voluntarily surrendered.
More information